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Perhaps, but hard metals can jump wildly in the face of any number of global panics, defaults, wars or uncertainties. When, not if IMO.
Both industrial and financial interests benefit from low silver spot prices. As long as they can control spot through derivative contracts...they will do so.
Supply/demand will continue to be secondary concern when determining price. It will require overwheming industrial demand to move price up significantly. That will likely take years. Imo
Give it time, silver and EXK will shine. Market forces will prevail and until they do, buy on dips.
https://www.marketslant.com/article/research-case-return-50-silver-pdf
This analysis of supply suggests $50 silver spot price. Sorta supports my suggestion that supply demand is almost irrelevant to price. The paper derivatives/fake $ market is much more important to silver spot price determination.
The 2nd largest silver mine in the world was shuttered a few weeks ago. You'd think stocks like exk would react significantly if supply/demand equation was a factor in determining silver price. Apparently, supply/demand equation not so important. Do free markets exist anymore anywhere?
You might be correct. It might take a malfunction of a major currency to move gold and silver. Jim Rickards thinks it could be the USD that takes a hit when the IMF convenes in mid October. We shall see.
Gold and silver will move when Japan strengthens the Yen. But why would they when you can have a choice of buying US products or Japan products at a 12% discount. You can toss the Yuan in there too. China and Japan are happy the US dollar is stronger than their currency.
5 years ago...silver spot price was over 30 USD. Last year it was over 20.
It is no wonder that silver miners continue to languish as spot hangs around the 16/17 level. It will probably take considerable time for confidence to return and show up in stock prices. Imo
The caveat to my point could be some kind of worldwide disaster...but it seems bankers have markets wrapped up and under control. Imo
Should be good for all miners.
http://averybgoodman.com/myblog/2017/07/17/gold-bullion-banks-close-huge-numbers-of-short-positions/
This could be good for exk if the bullion banks got it right.
Someone did tell me that August 1st will be a day that could have a big impact on bitcoin. Not sure why but maybe if it drops, PMs will get a nice run.
August 1 seems to be a day of concern for bitcoin. Developers are dealing with scalability issues. I wonder if this fork could set off issues affecting other markets.
Crypto currencies will likely play a big role in future transactions. Imo
However, I fail to see how they effectively eliminate the fiat concerns. It seems to me that as they scale, people will realize that they store no value.They will actually be a decentralized fiat that could lead to anarchy. The governing authority of the coin resides with developers. A state of anarchy is Not good for anyone!
My advice on crypto is to stay away from ether. They have no top limit to the number of contracts that they mine. Could just keep producing it as a form of dilution and devalue it. Bitcoin and litecoin should end up as the gold/silver ratio equivalent. Just my opinion.
Yes, International Monetary Policy is fascinating. I do wonder if block chain technology will be a real threat to Central Banks around the world...or will it simply transfer more direct power to large corps. like Microsoft, JP Morgan etc. and essentially result in a different Central Bank.
Financial systems will undoubtedly be affected. Cryptocurrencies are not actually being used as "currencies" to any large degree. But dollars and juan and euros and yen etc. are obviously flowing into Bitcoin and Ether, etc. as speculation that they ultimately will gain acceptance as currency.
I wonder if the massive derivatives contracts that manipulate the price of gold and silver will diminish as Crypto's make headway with the mainstream. I like Exk not only because silver prices could skyrocket if worldwide inflation hits one or more of the major currencies, but also because silver is used in so many products. For this reason, bankers and governments will continue to attempt to stabilize <hold down> prices but they can't let the miners go out of business. IMO
Good read. Thanks to you and hitman for keeping us all informed.
International monetary policy is....fascinating?
Since gold broke support, I think the next stop will be $1172 based on chart pattern. But, as we all know, anything can change the direction.
Thanks for the article. I thought I was seeing things last night that didn't really exist. Wish I could have bought some silver in the low $14.
Agree. Here is interesting article that speculates on the reason of the Silver Flash crash.
http://www.zerohedge.com/news/2017-07-07/silver-flash-crash-theres-no-such-thing-bad-tick
As long as Japan continues to devalue the yen, gold and silver are stuck spinning their wheels.
Gotta believe another Sunday night smash is forthcoming and will take Pm's down further. I wonder if Exk approaches $2.50 Monday.
Anybody else catch that short flash crash on silver about 30 minutes ago? Dropped 7% before jumping back up. Too much game playing in commodities and digital currency for the weak to deal with right now.
It just seems like Pm's will be held down until something significantly shocks the system. I'm thinking it will need to be a worldwide shock. As Yellen said it may not happen in our lifetime.
EXK is my "go to" silver miner. I love PAAS but it seems a bit too high right now. EXK is a good one to have if silver jumps.
I got in at $3.05 and will look to add sub $3...have several gold holdings and was looking for a silver producer
Not sure what you bought at but, based on action today, you are in at a good price.
How can gold drop significantly when Goldman and Citi are bullish(sarcasm)? It did close below it's support of $1242. That's not good.
Funny...I bought today
Good timing for you to bail on Exk. Listened to podcast on gold charting. July could see a significant price dump for gold...at least according to technical. We shall see.
I sold all my EXK today. Decided to grab some profit. Doesn't mean I won't be back soon but I saw Alamos(AGI) dropped .35 for no reason and I feel I should try and get some at this level. Alamos is an excellent, well run company. See if I can get some nice profit there and return to EXK. Lot of crazy drops in miners today for no apparent reason. Have to try and take advantage of a really good one even though I really like EXK too.
Dollar should come down significantly with other countries finally raising their interest rates. Need Japan to make a move though if we want gold to run.
Huh? The mantra refers to days/years past when Greenspan would support the market with low interest rate policy. Nothing to do with gloom and doom. Gold/silver prices will rise when enough people finally catch onto the fact that dollars are fiat currency wi th a value irrelevant to the natural law and constraints of supply and demand. The value of a dollar is far removed from true value that a market based capitalistic system would reveal. Unfortunately we have a largely uneducated or propogandized populace that seems to have no clue as to the debt precipice that the world economies sit. I must admit...scary times for those of us that have a basic underst standing of macroeconomics.
As I said earlier, I've been hearing the doom and gloom mantra for years. Only thing that can stop the markets from rising is an over due correction. As for Goldman and Citi being bullish on gold, they must be referring to the bull statue on Wall Street that never moves. When you look at gold from an inflation point of view, it really hasn't moved in decades.
As the US markets continue their upward trajectory, it appears the mantra "Don't fight the Fed" does not apply anymore. The Fed raises interest rates and guide to sell off balance sheet and market moves forward.
The ECB sounded less hawkish last night.Maybe the new mantra should be "Don't fight the ECB."
You gotta be crazy to be short US markets or long Gold and Silver. The fix continues and will likely go on for years. Imo
I'm just sitting and waiting while I look for some buying opportunities. Hope they come before the spike.
All I know is that I receive the daily insider trades and a lot of insiders are buying their gold mining companies. Granted a lot are smaller companies but they're buying any way.
Gold dropped today because of the 2 Euro Banks that were bailed out. Caused the dollar to jump. Only in America is the economy great. At least that's what they want us to believe.
MSN knows what's going on...but they also know who lines their pockets. Although it is interesting to see more gold companies advertising in last several years.
Citi bank and Goldman both just went bullish on gold today. All the "experts" seem to be very confused on what happened this morning. Yet everyone on ihub and non mainstream media know exactly what's going on lol.
2.2 Bill notional gold dumped at usual 1am est. Goldman now thinks gold is a buy. I think the word manipulation is overused...but come on. It's outright blatant at this point.
I think you're right but time will tell. Nice afternoon trading here. Small resistance points at $3.38, $3.58 and $3.73. $3.93 could be a tough one but, if it gets that close, I'll be happy. Have a good weekend!
But last week is the first time we've heard the Fed say that they will be reducing the 4.5 trillion $ credit line. QT...quantative tightening will almost certainly hammer the markets. QE pumped them up...QT will let the air out. It remains to be seen if they can control the speed at which it deflates.
Sad thing is, I've been hearing the doom and gloom, markets going to crash for 3 years. Never happens.
Last week the largest creditor in the world revealed they were going to reduce the credit line and continue to charge more for debt.
So far...the markets either don't believe their comments or they are covertly using the PPT to hold them up.
Relatively speaking, I don't think you will have to wait long. Imo
All metals are controlled. No dispute from me. Just waiting for them to let them loose.
IMO...The cartel will control the spot on silver and gold until they can't. (economic crisis) The PPT is actively pushing up stocks until they can't. (economic crisis)
It will happen, but until then you are playing with pennies and trying to beat the algos. Good luck with that!
Strong resistance at $3.13 here. Need a surge in silver to $16.80 get us through it. Don't see it happening today.
Close above $1254 and $16.65 are important.
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